If a Perfectly Competitive Industry Uses a Large Proportion of the Available

question 51

Multiple Choice

If a perfectly competitive industry uses a large proportion of the available inputs in a resource market, what shape is the long-run market supply curve for the industry most likely to be?

• A) horizontal
• B) upward sloping
• C) downward sloping
• D) vertical

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Definitions:

Amniotic Cavity

A fluid-filled sac that encloses and protects the developing fetus in the uterus.

Endoderm

The innermost layer of cells or tissue of an embryo in early development, which gives rise to the lining of the digestive and respiratory systems.

Epidermis

The outermost layer of skin that provides a waterproof barrier and creates our skin tone.

Mucosa

Mucous membrane consisting of epithelium and lamina propria. In the digestive tract, there is also a layer of smooth muscle.